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Required information [The following information applies to the questions displayed below.] Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers,
Required information [The following information applies to the questions displayed below.] Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) Short-term investments Accounts receivable Inventories $13,874 11,257 17,497 2,115 Other current assets 23,928 Total current assets 68,671 Long-term investments 130,428 Property, plant, and equipment, net 20,666 Other noncurrent assets 12,548 Total assets $232,313 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,258 Accrued expenses 18,491 Unearned revenue Short-term debt 8,509 6,321 Total current liabilities 63,579 29,047 27,914 120,540 Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value). Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 1 23,612 88,160 111,773 $232,313 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,271 from banks due in two years. b. Purchased additional investments for $21,400 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,575 in cash and signed a short-term note for $1,415. d. Issued additional shares of common stock for $1,474 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,013 for $19,013 cash. f. Declared $11,131 in dividends to be paid at the beginning of the next fiscal year. Required: 1. Prepare a journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.
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